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Posts tagged "Installment Agreements"

Tax liens, tax levies and taxpayers' options

The pop-culture press loves to report on the foibles of celebrities - including their problems with tax debt. Among those struggling with it recently are apparently the actor Nicholas Cage and former football hero O.J. Simpson. They are not alone, of course. Many people have tax debt.

What consequences can Californians face for delinquent tax debts?

Twice every year, the California Franchise Tax Board publishes a list of the 500 state residents who owe the greatest amount in income taxes. The state Board of Equalization has a parallel list, published every quarter, which tracks debts owed on sales and other taxes.

Installment agreement one option for those with tax debts

When summertime is in full swing in Southern California, taxes may be the furthest thing from many residents' minds. But for those who owe money to the Internal Revenue Service, taxes can become a year-round preoccupation. Since penalties and interest on tax debts can quickly swell the total amount owed, it is important to reduce and eliminate one's debts as quickly as possible.

IRS adds to Fresh Start program to help people pay taxes, Part 2

In our last post, we discussed how some California taxpayers can benefit from a six-month extension to pay taxes this year. But some taxpayers have large debts to the IRS that may take them a significant amount of time to pay off. There are other options that can help these taxpayers, such as installment agreements and offers in compromise. Under the Fresh Start program, the IRS has also announced changes to these options with the goal of helping struggling taxpayers.